Articles in "Practice Management" category:

A Future Based on Purpose

  Michael Lynch     Thu Jul 12 10:00:00 EDT 2018 

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I recently wrote a blog post discussing how to help your clients have a successful and fulfilling retirement, especially when considering the unpredictability of the future. After it posted, one of the comments suggested including the importance of philanthropy and giving back for having a fulfilling retirement, and I couldn’t agree more.

One of the most rewarding things retirees can do that can fill the calendar and the heart is giving back. As I’ve traveled the country, some of the happiest people I meet are dedicated to giving back—they have found a deeper sense of purpose and their lives seem more complete. There are several different ways to give back that can help your clients find purpose during retirement, whether it’s with money, time, or knowledge.

Addressing the Three R’s of Advisor Anxiety: Robos, Revenue, and Regulation

  Ryan Sullivan     Tue Jun 12 11:15:00 EDT 2018 

Besides concern for their clients, what else keeps financial advisors up at night? Chances are they're worrying about one or more of the three R’s: robos, revenue, and regulation. With the rapidly changing financial services landscape that these and other trends have caused, financial advisors may have some anxiety over how their practices will be impacted and what the future holds for the profession.

Fortunately, there is a way for advisors to deepen their value while also responding to the threats of the three R’s: provide more than investment advice alone. Rather than focusing solely on portfolio construction and risk mitigation, advisors can position themselves as a resource for personalized guidance and tailored education at any life stage—assisting in all aspects of life planning, goal setting, retirement, and aging. While many advisors already do some elements of this and quality investment planning remains essential, there may be an even greater opportunity to help clients and address the risks associated with the three R’s.

Invest for What: Bringing Retirement out of the Abstract

  Michael Lynch     Tue Jun 05 11:00:00 EDT 2018 

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Retirement may seem like a far-off, intangible concept for many people, and yet, from an early age, we regularly allocate a sizeable portion of our income to fund it.  Saving for retirement is expected, but it can be hard to plan for a future that is almost completely unknown—it is almost like paying a mortgage on a house you’ve never seen.

When I think back to when my wife and I bought our home, we had a laundry list of specifications: location, taxes, number of bedrooms/bathrooms, size of the kitchen, single-family home or a townhome, etc. When we found houses that met enough of our criteria, we visited each one and weighed the pros and cons until we purchased the one we loved.

I can’t say I would agree to pay for a home that I’ve never seen, and yet telling clients to save for retirement is essentially asking them to put money aside for something they’ve never experienced. Retirement can be ambiguous and unpredictable, but it is also—like buying a house—one of the most substantial investments we make in our lifetime. Shouldn’t we also have a list of criteria for how we want to live in retirement?

Error...Retirement Goal Not Found

  Julie L. Genjac     Tue May 15 10:00:00 EDT 2018 

blog_Error Retirement Goal Not Found

For many, relying on GPS is a given—gone are the days of keeping an atlas in the car or printing out turn-by-turn directions—and we often unwittingly obey whatever directional commands we’re given. A GPS will not question the destination you enter; it will simply tell you how to get there. While a higher-end model may allow you to customize the route to help you get there faster, avoid paying tolls, or put the lowest mileage on your car, GPS is designed with the sole purpose of getting you from point A to point B. 

The Future of Advice

  Bill McManus     Tue May 01 11:00:00 EDT 2018 

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The retirement landscape is evolving, and many investors may not be as prepared as they think they are for this stage of their life. People are living longer, each generation is becoming more educated, family dynamics are changing, and technology is infiltrating every part of our lives. For a financial advisor, these trends may mean that your clients’ needs and their expectations of your role are expanding.

We recently hosted Dr. Joe Coughlin of the MIT AgeLab to discuss how advisors can transition into what the MIT Age Lab has coined a “longevity-based advisor.” A longevity-based advisor guides clients with education, resources, and solutions to the challenges that longer lifespans and this new retirement can present.